An European brand called Euroshopper did something very similar:

http://www.thedieline.com/blog/2011/3/7/before-after-euro-sh...

It's a lovely idea, apart from two things.

1. I suspect's impossible to trade mark or or register the design - so let's assume you raise your brand profile and get a reputation for good quality food at reasonable price - your competitor simply (almost) clones your line of packaging and piggy-backs off all your hard work - since they're a big conglomerate they'll under-cut you by a couple of pence too.

2. In certain countries such packaging tends to be associated with low-cost 'basics' brands - so if you're offering a premium product, you're likely to struggle.

Actually, here in good 'ol socialist Sweden all of our groceries, with a few exceptions, used to look like that up until the end of the 90s. I remember as a kid eating cereals from a big white box with the word "CORNFLAKES" on it in big blue bold letters.

This is basically what Asda Smart Price and Sainsbury's Basics do in the UK.

xkcd never fails to amaze me